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Warehouse Receivables & Warehouse Lines of Credit (Tables) | 9 Months Ended
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Sep. 30, 2022
Warehouse Receivables And Warehouse Lines Of Credit [Abstract] |
Schedule of Warehouse Receivables | A rollforward of our warehouse receivables is as follows (dollars in thousands):
Beginning balance at December 31, 2021 | $ | 1,303,717 |
Origination of mortgage loans | 10,559,591 |
Gains (premiums on loan sales) | 31,262 |
Proceeds from sale of mortgage loans: |
Sale of mortgage loans | (10,665,709) |
Cash collections of premiums on loan sales | (31,262) |
Proceeds from sale of mortgage loans | (10,696,971) |
Net decrease in mortgage servicing rights included in warehouse receivables | (6,635) |
Ending balance at September 30, 2022 | $ | 1,190,964 |
Summary of Warehouse Lines of Credit in Place | The following table is a summary of our warehouse lines of credit in place as of September 30, 2022 and December 31, 2021 (dollars in thousands):
|  |  |  |  |  | September 30, 2022 |  | December 31, 2021
Lender |  | Current Maturity |  | Pricing |  | Maximum Facility Size |  | Carrying Value |  | Maximum Facility Size |  | Carrying Value
JP Morgan Chase Bank, N.A. (JP Morgan) (1) |  | 12/16/2022 |  | daily floating rate SOFR rate plus 1.60%, with a SOFR adjustment rate of 0.05% |  | $ | 1,335,000 |  |  | $ | 922,817 |  |  | $ | 1,335,000 |  |  | $ | 742,124 |
JP Morgan |  | 12/16/2022 |  | daily floating rate SOFR rate plus 2.75%, with a SOFR adjustment rate of 0.05% |  | 15,000 |  |  | 729 |  |  | 15,000 |  |  | 4,326 |
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program (2) |  | Cancelable anytime |  | daily one-month LIBOR plus 1.45%, with a LIBOR floor of 0.25% |  | 650,000 |  |  | 62,715 |  |  | 650,000 |  |  | 133,084 |
TD Bank, N.A. (TD Bank) (3) |  | 7/15/2023 |  | daily floating rate SOFR rate 1.30%, with a SOFR adjustment rate of 0.10% |  | 800,000 |  |  | 30,753 |  |  | 800,000 |  |  | 217,672 |
Bank of America, N.A. (BofA) (4) |  | 5/24/2023 |  | daily floating rate SOFR rate plus 1.25%, with a SOFR adjustment rate of 0.10% |  | 350,000 |  |  | 152,280 |  |  | 350,000 |  |  | 178,600 |
BofA (5) |  | 5/24/2023 |  | daily floating rate SOFR rate 1.25%, with a SOFR adjustment rate of 0.10% |  | 250,000 |  |  | — |  |  | 250,000 |  |  | — |
MUFG Union Bank, N.A. (Union Bank) (6) |  | 6/27/2023 |  | daily floating rate SOFR plus 1.30% |  | 200,000 |  |  | 7,220 |  |  | 200,000 |  |  | 1,645 |
|  |  |  |  |  | $ | 3,600,000 |  |  | $ | 1,176,514 |  |  | $ | 3,600,000 |  |  | $ | 1,277,451 |
_______________________________ (1)Effective October 18, 2021, this facility was renewed and amended and the maximum facility size was increased to $1,335.0 million. This facility has a revised maturity date of October 17, 2022 and a revised interest rate to a Secured Overnight Finance Rate (SOFR) term plus 1.60%, with a SOFR adjustment rate of 0.05%, noting the Business Lending sublimit has a revised interest rate of daily adjusted term SOFR plus 2.75%, with a SOFR adjustment rate of 0.05%. Effective October 17, 2022, the facility maturity date was extended to December 16, 2022. (2)Effective January 15, 2021, the maximum facility was increased to $650.0 million. (3)Effective July 1, 2020, this facility was amended and provides for a maximum aggregate principal amount of $400.0 million, in addition to an uncommitted $400.0 million temporary line of credit. Effective July 15, 2022, this facility was renewed with a revised interest rate of daily floating rate SOFR rate plus 1.30%, with a SOFR adjustment rate of 0.10% and a maturity date of July 15, 2023. As of September 30, 2022, the uncommitted $400.0 million temporary line of credit was not utilized. (4)The total commitment amount of $350.0 million includes a separate sublimit borrowing in the amount of $100.0 million, which can be utilized for specific purposes as defined within the agreement. Effective May 25, 2022, this facility was renewed with a revised interest rate of daily floating rate SOFR rate plus 1.25%, with a SOFR adjustment rate of 0.10% and a maturity date of May 24, 2023. The sublimit is subject to an interest rate of daily floating rate SOFR plus 1.75%, with a SOFR adjustment rate of 0.10%. As of September 30, 2022, the sublimit borrowing has not been utilized. (5)Effective May 25, 2022, the advised consent line was renewed for $250.0 million of capacity with a revised interest rate of daily floating rate SOFR rate plus 1.25%, with a SOFR adjustment rate of 0.10%, and a maturity date of May 24, 2023. (6)Effective June 27, 2022, this facility was renewed with a facility size of $200.0 million and a revised interest rate of daily floating rate SOFR rate plus 1.30% and a maturity date of June 27, 2023.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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